Rustic23
Thinks s/he gets paid by the post
ChrisC,
It really depends on several factors. How fast is the market moving? How old are the comparables? How comparable are the comparables? In a changing market, most appraisers should adjust for time. In fact if I remember, time is the first adjustment made. Therefore if the market is changing 1% per month down and a sale was five months ago, the sale would be adjusted downward 5%.
I agree completely as the the accuracy or preciseness of an appraisal. You will notice most appraisers deal in big round numbers. You should be very cautious of an appraisal that comes in at $289,241.33. No one is that good and in fact appraisers are taught to round this to $289,000 so as to not mislead someone as the the accuracy involved. Most good appraisers will come within 5% of the market value. That does not mean that is what a home will sell for. Some people want more and some are willing to sell for less. And, yes some appraisers miss the value by more than 5%.
I would say, however, that in this case two values around $270,000 is a good indication that the value is in that range. I would not list my house 10% lower than this, unless I was looking for a quick sale. Once more, if the market is going down fast, and the appraisals are several months old, maybe. It is still just like Buckeye said, it is what someone will offer, and what Buckeye is willing to sell for.
It really depends on several factors. How fast is the market moving? How old are the comparables? How comparable are the comparables? In a changing market, most appraisers should adjust for time. In fact if I remember, time is the first adjustment made. Therefore if the market is changing 1% per month down and a sale was five months ago, the sale would be adjusted downward 5%.
I agree completely as the the accuracy or preciseness of an appraisal. You will notice most appraisers deal in big round numbers. You should be very cautious of an appraisal that comes in at $289,241.33. No one is that good and in fact appraisers are taught to round this to $289,000 so as to not mislead someone as the the accuracy involved. Most good appraisers will come within 5% of the market value. That does not mean that is what a home will sell for. Some people want more and some are willing to sell for less. And, yes some appraisers miss the value by more than 5%.
I would say, however, that in this case two values around $270,000 is a good indication that the value is in that range. I would not list my house 10% lower than this, unless I was looking for a quick sale. Once more, if the market is going down fast, and the appraisals are several months old, maybe. It is still just like Buckeye said, it is what someone will offer, and what Buckeye is willing to sell for.